Grant of New Stock Options, Cancellation and Re-Issuance of Existing Stock Options

By Great Quest |
Dec 30, 2008

VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), wishes to report that the Company's Board of Directors has approved the issuance of stock options to directors, officers and consultants, effective December 30, 2008, for the purchase of 450,000 common shares of the Company at a price of $0.10 per share, exercisable until December 30, 2013.

Also, the Board of Directors has approved the cancellation of 1,525,000 existing stock options held by directors, officers and consultants of the Company and has granted new options to these optionees on 1,525,000 at an exercise price of $0.10 per share. These options are exercisable until December 30, 2013.

The issuance of new options and the cancellation and re-issuance of existing options was recommended by Great Quest's Compensation Committee. The new options and the re-granted options are being issued to directors, officers and consultants of the Company in accordance with Great Quest's Stock Option Plan dated March 12, 2004. The granting of these options is subject to TSX approval. In accordance with regulations, the re-granted options to insiders are also subject to approval by a majority of the disinterested shareholders of the Company. The total number of options outstanding on receipt of all approvals is 2,675,000, or 8.9% of the issued and outstanding common shares of the Company.